Saudi new mortgage law nears approval

03 May 2010

(MENAFN) Saudi Arabia’s Council of Ministers is expected to approve the long-awaited mortgage law, Reuters reported.

The secretary general of the council of ministers, Abdul-Rahman Al-Sadhan, said that the new law is expected to revive a slowing lending market in the kingdom, as it would cater to a larger proportion of housing demand in a country where less than a third of the population owns a home.

Industry reports said that Saudi Arabia, the world’s top oil exporter, has a deficit of two million houses.

Al-Sadhan said that next week will mark the final phase for the draft mortgage law, noting that this measure has been in planning stages for almost a decade. Finance Minister, Ibrahim Al-Assaf, said last year that this law would be implemented before end-2009.

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